AI Takeaway
AMETEK (AME) delivered solid FY2025 results with revenue growing 6.6% to $7.40B and net income rising 7.6% to $1.48B, while maintaining a strong operating margin of ~25.8% and accelerating share buybacks.
Revenue
$7.4B
++6.63% YoY
EPS (Basic)
$6.42
++7.90% YoY
Operating Income
$1.91B
++7.35% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
AME grew total revenue by 6.6% YoY to $7.40B in FY2025, up from $6.94B in FY2024, reflecting continued demand across its diversified industrial and electronic instruments segments. The growth was supported by both organic initiatives and bolt-on acquisitions, consistent with AMETEK's long-standing acquisition-led growth strategy.
Source: Source: 10-K Income Statement & Balance Sheet
Operating income rose 7.3% to $1.91B, with the operating margin edging up slightly to 25.81% from 25.64% in the prior year, demonstrating disciplined cost management despite SG&A expenses increasing 8.6% to $757M. R&D spending remained essentially flat at $236M, reflecting steady investment in product development.
Source: Source: 10-K Income Statement & Key Ratios
AMETEK more than doubled its share repurchase activity in FY2025, with buybacks totaling $434M compared to $212M in FY2024, a 104.7% increase. This signals management's confidence in the company's intrinsic value and commitment to returning capital to shareholders.
Source: Source: 10-K Cash Flow Statement
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Upgrade to unlockCurrent liabilities surged 35.5% YoY to $2.84B, while current assets grew only 16.0% to $3.02B, compressing the current ratio to 1.06 — a level that leaves limited liquidity buffer. If short-term obligations accelerate further or operating cash flows decline, AMETEK could face near-term liquidity pressure.
Source: Source: 10-K Balance Sheet & Key Ratios
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Upgrade to unlockReported EPS of $2.01 versus the $1.96 analyst consensus — a +2.3% beat for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $7.4B | $6.94B | +6.63% |
Cost of Revenue | $4.73B | $4.46B | +6.02% |
Operating Income | $1.91B | $1.78B | +7.35% |
Net Income | $1.48B | $1.38B | +7.56% |
EPS (Basic) | $6.42 | $5.95 | +7.90% |
EPS (Diluted) | $6.40 | $5.93 | +7.93% |
R&D Expense | $236.1M | $236.6M | -0.21% |
SG&A Expense | $757.12M | $696.9M | +8.64% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $16.07B | $14.63B | +9.82% |
Current Assets | $3.02B | $2.6B | +16.01% |
Total Liabilities | $5.44B | $4.98B | +9.30% |
Current Liabilities | $2.84B | $2.1B | +35.46% |
Stockholders' Equity | $10.63B | $9.66B | +10.08% |
Cash & Equivalents | $457.95M | $374M | +22.45% |
Long-Term Debt | $2.28B | $2.08B | +9.79% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $1.8B | $1.83B | -1.48% |
Investing Cash Flow | $-1.06B | $-244.81M | -334.12% |
Financing Cash Flow | $-686.32M | $-1.6B | +57.17% |
Share Buybacks | $434.05M | $212.03M | +104.71% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | 25.8% | 25.6% | +0.17% |
Net Margin | 20.0% | — | — |
ROE | 13.9% | — | — |
ROA | 9.2% | — | — |
Current Ratio | $1.062 | — | — |
Debt to Equity | $0.512 | — | — |
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AMETEK delivered solid FY2025 results with revenue of $7.40B (up 6.6% YoY) and net income of $1.48B (up 7.6% YoY). Diluted EPS came in at $6.40, a 7.9% improvement over the prior year's $5.93, driven by operating leverage and share buybacks.
AME's 6.6% revenue growth to $7.40B in FY2025 was supported by demand across its diversified industrial end markets and its ongoing acquisition strategy, as evidenced by a 334% surge in investing cash outflows to -$1.06B. The company maintained its operating margin above 25%, indicating growth was achieved without sacrificing profitability.
Key risks inferred from FY2025 financial data include acquisition integration risk (investing outflows surged to -$1.06B), tightening near-term liquidity (current ratio compressed to 1.06 as current liabilities jumped 35.5%), and a slight divergence between net income growth and operating cash flow, which declined 1.5% despite earnings rising 7.6%.
AMETEK's financial health remains solid overall, with a net margin of ~20%, ROE of 13.9%, and long-term debt-to-equity of 0.51, all indicating a well-managed balance sheet. However, the current ratio of 1.06 and the 35.5% spike in current liabilities are worth monitoring for near-term liquidity management.
Yes, AMETEK more than doubled its share repurchase program in FY2025, spending $434M on buybacks compared to $212M in FY2024, a 104.7% increase. This aggressive capital return reflects management's confidence in the business and contributed to the 7.9% growth in diluted EPS, which outpaced net income growth of 7.6%.